Once retired, many people take more frequent holidays, travelling abroad to far off places they dreamed of visiting during their careers. In some cases re-visiting relatives and friends they have not seen in decades.
Tourism being such a massive industry across the globe it is no wonder the cost of holidays is forever rising, especially to very popular destinations. Couples everywhere have dreams of escaping to the perfect holiday home. Owning a holiday home means that you won’t have to worry about high hotel room rates around peak season and you really can enjoy time away whenever you like!
For anyone who has already retired or nearing retirement age, there’s nothing more appealing than the idea of eventually making their holiday home their full-time residence. Purchasing any type of property is an investment and, by purchasing a holiday home, you can integrate into society gradually. This makes it easier when you do eventually make the move since you’ll be acquainted with the locals and your surroundings.
Another benefit of buying a holiday homes is that you can rent it out if you’re not living there permanently. This way, you can enjoy earning an additional income from this property instead of just letting it stand vacant. Once you do move in permanently, you can decide whether you wish to sell or rent out your initial home. You could even pass that home on to your children if you like.
The unfortunate reality for many retirees is cash may not be readily available to make dream of a holiday home abroad come true. Pensions or investments may fall short, utility bills are forever on the rise and ensuring you live within your budget is increasingly difficult.
But if you are retired and own your home outright then there it always the option of releasing equity from your primary residence to fund a second home. Downsizing the family home for a smaller, less expensive property is one viable option which will give you a cash lump sum for investing in property abroad. Equity release is another such option which can allow you to remain in your property whilst releasing cash for you to fund your dream holiday home.
Retirement is all about enjoying your golden years as much as you possibly can. How better to do this than to getaway to your dream spot in the mountains, by the beach or even overseas?